2025 年 11 月 13 日 2、本次提名的独立董事候选人均已取得独立董事资格证书或培训证明，具 备独立董事履职所需的专业知识、工作经验和能力，与公司及其控股股东、实际 控制人不存在直接或者间接利害关系、关联关系及其他可能影响其独立性的情形， 符合相关法律法规及公司《章程》规定的独立董事任职资格和独立性要求。 3、公司的提名、审议、表决程序符合《公司法》和公司《章程》的规定， 不存在损害公司及股东利益的情况，董事会提名委员会同意提名上述董事候选人， 并同意提请公司董事会审议。 第一拖拉机股份有限公司董事会提名委员会 第一拖拉机股份有限公司第九届董事会提名委员会 关于董事候选人的审查意见 根据《中华人民共和国公司法》(以下简称《公司法》)《上海证券交易所股 票上市规则》《上市公司独立董事管理办法》等法律法规、规范性文件以及第一 拖拉机股份有限公司（以下简称公司）《章程》，公司第九届董事会提名委员会对 非独立董事候选人赵维林先生、魏涛先生、方宪法先生、杨建辉先生、孙峰先生， 独立董事候选人王书茂先生、徐立友先生、黄绮汶女士的任职资格进行审核，并 发表审查意见如下： 1、董事会提名委员会通过查阅董事候选人本人提 ...

独立董事候选人声明与承诺 本人徐立友，已充分了解并同意由提名人第一拖拉机股份有 限公司第九届董事会提名为第一拖拉机股份有限公司第十届董 事会独立董事候选人。本人公开声明，本人具备独立董事任职资 格，保证不存在任何影响本人担任第一拖拉机股份有限公司独立 董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求 ： （一）《中华人民共和国公司法》关于董事任职资格的规定； 三、本人具备独立性，不属于下列情形： （一）在上市公司或者其附属企业任职的人员及其配偶、父 母、子女、主要社会关系（主要社会关系是指兄弟姐妹、兄弟姐 妹的配偶、配偶的父母、配偶的兄弟姐妹、子女的配偶、子女配 偶的父母等）； （二）直接或者间接持有上市公司已发行股份 1%以上或者 是上市公司前十名股东中的自然人股东及其配偶、父母、子女； （二）《中华人民共和国公务 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2025－43 第一拖拉机股份有限公司 第九届董事会第四十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 第一拖拉机股份有限公司（以下简称公司）第九届董事会第四十次会议（以 下简称本次会议）于 2025 年 11 月 19 日以视频方式召开，会议通知已于 2025 年 11 月 17 日以电子邮件方式向全体董事发出。本次会议应出席董事 8 名，实际 出席董事 8 名。本次会议的召开符合《公司法》及公司《章程》《董事会议事规 则》等有关规定。 二、董事会会议审议情况 （一）《关于提名公司第十届董事会非独立董事候选人的议案》 1.同意提名赵维林先生为公司第十届董事会非独立董事候选人。任期自公司 股东会审议批准之日起三年。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 2.同意提名魏涛先生为公司第十届董事会非独立董事候选人。任期自公司股 东会审议批准之日起三年。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 3.同意提名 ...

Core Viewpoint - The company, Yituo Co., Ltd. (601038.SH), currently focuses on the production of large and medium-sized wheeled tractors, crawler tractors, and non-road diesel engines, and has not yet entered the grain dryer market [1] Company Summary - Main products include large and medium-sized wheeled tractors and crawler tractors [1] - The company also produces non-road diesel engine products [1] - There is no involvement in the grain dryer sector at this time [1]

格隆汇11月17日丨一拖股份(601038.SH)在投资者互动平台表示，公司柴油机产品以拖拉机、收获机等 农业机械配套为主，也可为工程机械、船舶、发电机组等提供配套，目前公司未涉足海洋装备配套市 场。 ...

Core Viewpoint - The 2025 Xiamen Industrial Development Conference and the Golden Bull Award Ceremony recognized First Tractor Company for its excellence in investor relations amidst a recovering Hong Kong stock market and asset value reassessment [1][2]. Group 1: Company Overview - First Tractor Company primarily engages in the research, manufacturing, and sales of agricultural machinery, power machinery, and related components, operating as a state-owned enterprise with A+H shares [1]. - The company is committed to advancing agricultural machinery technology and upgrading the industry in response to national food security strategies [1]. Group 2: Performance and Strategy - The company has focused on upgrading its industrial chain technology and optimizing its structure, leading to steady growth in operational performance and enhanced corporate value [2]. - In pursuit of high-quality development, the company has implemented high standards in investor relations management, optimized information disclosure, and established a robust two-way communication mechanism with investors [2]. - The company maintains a consistent and stable dividend policy to foster a positive image in the capital market and enhance investor recognition of its value [2].

致：香港交易及結算所有限公司 公司名稱: 第一拖拉机股份有限公司 FF301 呈交日期: 2025年11月3日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 截至月份: 2025年10月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | | 股份類別 | A | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601038 | | 說明 | 於上交所上市之A股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 731,705,275 | | 0 | | 731,705,275 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 731,705,275 | | 0 | | 731,705,275 | | 1. 股份分類 | 普通股 | 股份類別 | H ...

Core Viewpoint - YTO Group is a leading agricultural machinery manufacturer in China, with a strong focus on agricultural and power machinery, showcasing significant technological accumulation and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, YTO Group achieved an operating revenue of 9.703 billion, ranking first among 10 companies in the industry, significantly surpassing the second-place Greebo's 3.828 billion [2] - The net profit for the same period was 1.057 billion, also leading the industry, with the second-place Daye's net profit at 124 million [2] Group 2: Financial Ratios - As of Q3 2025, YTO Group's debt-to-asset ratio was 48.14%, lower than the previous year's 49.56% and below the industry average of 50.10%, indicating good solvency [3] - The gross profit margin for Q3 2025 was 16.23%, slightly down from 16.37% year-on-year and below the industry average of 22.92% [3] Group 3: Management and Shareholder Structure - The chairman, Zhao Weilin, has extensive experience in large enterprise management and international trade, while the general manager, Wei Tao, has a strong engineering background [4] - As of September 30, 2025, the number of A-share shareholders decreased by 7.59% to 33,600, with an average holding of 21,800 circulating A-shares, an increase of 8.22% [5] Group 4: Market Outlook and Projections - Analysts expect YTO Group's revenue for 2025-2027 to be 10.961 billion, 11.593 billion, and 12.646 billion, with corresponding net profits of 858 million, 904 million, and 1.014 billion [5] - The company is anticipated to benefit from a recovery in domestic grain prices, stable expense control, and growth in intelligent and high-end products, leading to improved profitability [6]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's performance has been under pressure, with a year-on-year decline in revenue and net profit for the first three quarters of 2025. However, there is a notable improvement in net profit for Q3, which increased by 15.14% year-on-year [2][3] - The trend towards agricultural machinery intelligence and high-end products remains unchanged, highlighted by the recent launch of the Dongfanghong LF3604 power-shifting tractor, which signifies a significant technological advancement in heavy-duty tractors [4] Financial Summary - For the first three quarters of 2025, the company reported revenue of 9.703 billion yuan, a decrease of 9.63% year-on-year, and a net profit of 994 million yuan, down 9.69% year-on-year, with basic earnings per share of 0.8848 yuan [2][3] - In Q3 alone, the company achieved revenue of 2.775 billion yuan, a decline of 5.29% year-on-year, but net profit improved to 225 million yuan, marking a 15.14% increase year-on-year [3] - The gross margin and net margin for the first three quarters were 16.23% and 10.90%, respectively, remaining relatively stable compared to the same period last year [3] - The average return on equity (ROE) was 13.17%, a decrease of 2.41 percentage points compared to the same period in 2024 [3] Earnings Forecast - Under a neutral scenario, the company is expected to generate revenues of 10.961 billion, 11.593 billion, and 12.646 billion yuan for 2025, 2026, and 2027, respectively. Corresponding net profits are projected to be 858 million, 904 million, and 1.014 billion yuan, with earnings per share of 0.76, 0.80, and 0.90 yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Insights - The company's net profit attributable to shareholders increased by 15.1% year-on-year in Q3, indicating a turning point in performance [2] - For the first three quarters of 2025, total revenue reached 9.7 billion yuan, down 9.6% year-on-year, while net profit attributable to shareholders was 990 million yuan, a decrease of 9.7% [2] - The improvement in Q3 performance is attributed to the recovery in grain prices, which has driven industry demand [2] - The company is expected to maintain an upward trend in performance in Q4 due to stabilizing grain prices and the end of inventory destocking [2] Financial Performance Summary - For the first three quarters of 2025, the company's gross profit margin was 16.23%, a decrease of 0.14 percentage points year-on-year, while the net profit margin was 10.90%, an increase of 0.51 percentage points [3] - In Q3 alone, the gross profit margin improved to 16.72%, up 2.07 percentage points year-on-year, and the net profit margin was 8.09%, an increase of 1.41 percentage points [3] - The company has maintained robust cost control, with sales, management, R&D, and financial expense ratios showing stable performance [3] Industry Outlook - The agricultural machinery industry is expected to see a recovery, with domestic demand likely to rebound as grain prices stabilize [4] - The company is focusing on the development of intelligent and high-end products, which are anticipated to become new growth drivers [4] - The overseas market expansion has been successful, with tractor sales in H1 2025 reaching 5,445 units, a year-on-year increase of 29% [4]